Signs that you will need long term care insurance

Not everyone needs long term care insurance, but there are instances that could lead a person from buying LTCi coverage to secure one’s health. The signs that you need long term care insurance are:

· If you don’t have a family member or loved one who’s willing to take care of you when you need assistance with daily activities

· History of chronic illness such as heart disease, diabetes, etc. in the family

· History of cognitive impairment such as dementia or Alzheimer’s, Parkinson’s, etc in the family

· If your family members’ age run from 80 and older

· If you had failing health in the previous years, or experiencing certain illness will increase your chance as candidate for LTCi

Although you don’t possess the signs above, there will be instances or unlikely events in the future that may ruin your health and life. That explains why you should also plan for long term care all the time. Well, there are many people wait until their mid 40s or 50s to see if they would need long term care insurance or not. However, those who wait longer will get more expensive premiums, so it is best to assess yourself when you are going to need it and assure a better retirement ahead.

Are there any alternatives to long term care insurance? Long term care insurance is the most recommended product for your retirement and asset protection. There are other alternatives but they don’t provide the same level of protection as LTCi. There is public program called the Community Living Assistance Services and Supports or CLASS Act but this will be implemented in 2013.